WebMay 16, 2024 · Section 139 (8A) of IT Act: ITR-U (Updated Income Tax Return) CA Piyush Agarwal , 16 May 2024. Share. The income tax department has notified Form ITR-U for filing the 'Updated' income tax return. The government introduced the concept of updated return in income tax in the Union Budget 2024. The new provision allows the taxpayers to update … WebFeb 2, 2024 · The new proposed provision of Sec 139 (8A) shall not apply, if the updated return, is a return of a loss or. has the effect of decreasing the total tax liability …
Video How to file updated return u/s 139 8A for AY 2024-21 & AY …
WebIncome Tax Return Filing 2024-23 After Due Date How to File Updated Return u/s 139(8a) AY 22-23income tax return filing 2024-23how to file income tax retur... WebJan 24, 2024 · Budget 2024 has introduced the new section 139(8A) in Income Tax Act, 1961. Updated Returns can be filed by the taxpayers who have not filed the return or have filed the returns u/s 139(1)- Original, 139(4)-Belated and 139(5)- Revised. The Objective of introducing this facility is to promote voluntary tax compliance and reduce litigation. csda-computational statistics \\u0026 data analysis
Self Assessment Tax & Additional Income Tax: Updated Return u/s 139(8A …
WebMar 21, 2024 · He filed the updated return under section 139 (8A). The income reported in updated return is NIL under correct heads of income. He also paid the additional tax payable of Rs 540 calculated as {(50% of (Tax + interest on refund)} + interest on refund i.e. {50% of (0+360)} + 360 under section 140B. WebMay 3, 2024 · Rule 12AC notified ITR – U for Updated return u/s 139(8A). ... Your email address will not be published. Sign me up for the newsletter! Δ. the taxtalk online portal for tax news, update, judgment, article, circular, income tax, gst, notification Simplifying the tax and tax laws is the main motto of the team tax talk, solving WebFeb 5, 2024 · Additional Tax on Updated Return u/s 140B. Section 140B has been inserted to provide for the mechanism of computation of additional tax, interest, etc. required to be paid while filing the Updated Return u/s 139(8A). Following … marcelo novelletto